The price of Solana has risen by 2.5% in the past 24 hours, climbing to $177.75 on a day when the cryptocurrency market has barely scraped a 0.3% gain.
This means SOL is now up by an impressive 16% in a week and by 32% in a month, with the altcoin – the fifth-biggest crypto in the market – also sitting on a very handsome 585% increase in a year.
These percentages make it one of the best-performing major tokens over short, medium and longer terms, with the alt retaining plenty of momentum that could see it push further in the coming weeks.
Indeed, it may be on course to break its ATH of $259 by the end of the year, particularly if rate cuts arrive and Solana receives its very own ETFs.
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SOL has actually dipped by 0.5% in the past hour, undercutting some of the short-term momentum it built last night.
Its indicators may therefore suggest that a small correction could be coming, with its relative strength index (purple) dropping to 50 this morning.
Having said that, it appears to have retarded its drop and could be about to bounce back again, with Solana looking as though it may be en route towards beating its high for 2024.
Source: TradingView
The alt’s 30-day moving average (orange) has also been rising healthily above the 200-day (blue), and while it had flattened its ascent in the past few hours, it could still have enough strength to resume its recent bullishness.
One note of caution is that some whales have been preparing to sell today, according to transfer data.
Of course, analysts may interpret transfers to exchanges as indications that whales believe an assets price will rise soon.
And Solana certainly looks like it could continue to gain in the short- and long-term.
For instance, we’ll see the first Ethereum ETFs launching tomorrow, which prepares the ground for Solana ETFs later in the year.
And if SOL ETFs do arrive, there’s little doubt that Solana would rocket.
It’s likely to continue rising by virtue of its fundamentals, with the Solana network now boasting a total value locked in of just over $5 billion, making it the third-biggest layer-one network in the sector.
In such a context, Solana looks ready to beat its current ATH of $259 in the final quarter of the year.
